2Seventy Bio at TD Cowen Conference: Strategic Growth and Challenges

On Wednesday, 05 March 2025, 2Seventy Bio (NASDAQ: TSVT) presented at the TD Cowen 45th Annual Healthcare Conference. The company highlighted its strategic growth in the myeloma market, driven by its CAR T-cell therapy, ABECMA. While the firm reported a strong third-quarter performance, challenges remain, particularly in maintaining momentum and achieving profitability amidst capacity constraints.

Key Takeaways

• 2Seventy Bio experienced a 42% growth in Q3 2024 after expanding third-line approval for ABECMA.
• The company aims to reach breakeven with $300 million in total U.S. sales, targeting profitability by the end of 2025.
• Operational capacity at treatment centers is a primary growth constraint, not manufacturing.
• The company has streamlined costs by selling its R&D and gene editing programs.
• 2Seventy Bio ended 2024 with $180 million in cash and a quarterly burn of $9 million.

Financial Results

• Q3 Growth: The company saw a 42% increase in sales following ABECMA’s third-line approval.
• Q4 Challenges: Patient deferrals during the holiday season led to a flatter quarter.
• Revenue Guidance: Achieving $300 million in U.S. sales is necessary for reaching $270 million breakeven.
• Cash Position: Ended 2024 with $180 million in cash and a $9 million burn rate per quarter.
• Profitability Goal: Aims to achieve breakeven before the end of 2025.

Operational Updates

• Site Expansion: Over 140 sites in the U.S., though nearing diminishing returns.
• Site Segmentation: Categorizing sites into adopters, fence-sitters, and loyalists for targeted engagement.
• Community Adoption: Exploring expansion into community settings to alleviate capacity constraints.
• Capacity Management: Ability to treat patients within two to three months, with no current backlog.

Future Outlook

• Strategic Optionality: Open to potential acquisition opportunities as the business becomes more attractive.
• Market Penetration: ABECMA has 20% penetration in the third-line setting, with room for growth.
• Competitive Landscape: Faces competition from CD19s and solid tumor therapies, impacting growth potential.

Q&A Highlights

• Bridging Therapy: Effective bridging can enhance ABECMA’s efficacy to rival competitive alternatives.
• Capacity Focus: Concentrating on hospital-side improvements, including apheresis and bed space availability.
• Future Prospects: Potential attractiveness to larger companies due to predictable and profitable business trajectory.

Readers are encouraged to refer to the full transcript for more detailed insights.

Full transcript - TD Cowen 45th Annual Healthcare Conference:

Yaron Werber, Moderator, TD Cowen: forty fifth Annual Pedicaud Healthcare Conference. I’m Yaron Werber from the Biotech team along with my colleague, Jane Hun. It’s a great pleasure to introduce and moderate the next panel with two seventy Bio. To my right really needs no introduction Chip Bird, CEO and to his right really needs no introduction, Vicki Eatwell, CFO. Ladies and gentlemen, thanks for joining us.

We appreciate it.

Chip Bird, CEO, Two Seventy Bio: Yaron, thanks for having us and thanks to the broader TD Cowen team for having us here today.

Yaron Werber, Moderator, TD Cowen: So lots to talk about in the myeloma market. There’s multiple dynamics going on with Abekma, obviously, Correvicti and bispecifics coming in. Maybe let’s talk about sort of the latest with Abecma. What are you seeing in the market now? How is the drug being used?

Chip Bird, CEO, Two Seventy Bio: Yeah. Sure. And I guess before I go, you know, I will make forward looking statements today. So I would encourage people to read our SEC filings and do your own homework on the company. And that out of the way, yeah.

No. We’re, so it’s March of twenty five. So we’re four years into launch now, and we’re about one year into the third line launch. So we’ve expanded, the label into a much broader third line setting. And that’s been great to see.

And we’re seeing, you know, we’ve seen real utilization in the third line.

Yaron Werber, Moderator, TD Cowen: Okay.

Chip Bird, CEO, Two Seventy Bio: Yeah. So we’ve seen, as I was saying, we’ve seen real uptake in the third line. We think that is, the sweet spot for CAR T.

Chip Bird, CEO, Two Seventy Bio: And, you know, that’s based on,

Chip Bird, CEO, Two Seventy Bio: you know, over thousands of patients treated, but, you know, both an efficacy profile supported by the studies, by publications, but also real world evidence. And, you know, I think the class grew dramatically, in the third quarter, both for us and for our competition. I think fourth quarter was, a little bit flatter. And I think, you know, as we look forward into 2025 and beyond, I I expect continued growth, but probably a more measured pace. I think we’ve made progress on the manufacturing side, as a class.

We think patient demand remains strong for these therapies. The one and done nature of these therapies is very powerful, very compelling for patients. And I think what, you know, what we’re starting to see is more at a at a site specific level that that that probably ends up being the governor of how much growth and how we see moving forward. The last thing I’d say is obviously, you know, there’s a lot of talk about and focus on the top line and and we focus there, but also we remain focused on, the bottom line and how do we drive, not only as many positive patient outcomes as we can, but how do we drive the business? How do we make this a a profitable business, as a product and then in turn a profitable business for $2.70?

And there we’re dangerously close to break even, which we can talk about more later in our chat.

Yaron Werber, Moderator, TD Cowen: Okay. Let’s maybe talk a little bit. What are some of the drivers in Q3 for the growth? What, you know, for you and the class? Yeah.

And then what what what were the dynamics in Q4? What what what do you see in the class?

Chip Bird, CEO, Two Seventy Bio: Yeah. So, you know, I think third quarter was the first full quarter, and the third line plus setting. So we were approved, and our our competitors approved, on the same day, in the second quarter last year. It takes about, you know, sixty days from the time you identify a patient to the time you treat them and it turns it into revenue. So it was really we didn’t see

Chip Bird, CEO, Two Seventy Bio: a lot of effect in

Chip Bird, CEO, Two Seventy Bio: the second quarter. Third quarter was the first full quarter in this in this broader third line opportunity. And there, we we we grew 42%. The class grew, pretty substantially. Now that was a big step up.

You know, I think some people may have gotten ahead of themselves to say, alright, well, 42%, let’s just keep quarter on quarter growing like that. And, you know, we’ll we’ll take over the world. And I think, in the fourth quarter for us, we, for the first time, saw, some patients deferring treatment through the holidays. And so when you think about a patient and again, third line patient, different than an acute patient and if, you know, fifth line plus salvage setting, little more time, and effective bridging options can be used so that patient’s not getting lymphodepleted on on Christmas Eve and in the hospital through the holidays. So our our eighth model kind of predicted one thing.

We saw something slightly different that that that could give us a bit of a a tailwind in the first quarter. But again, we’ll we’ll we’ll see as those results come in.

Yaron Werber, Moderator, TD Cowen: The, so it sounds like Q4 in general as these drugs really move up, we should expect kind of seasonality, Thanksgiving, some

Chip Bird, CEO, Two Seventy Bio: Yes. I think you might. Again, this is first time through for us. So I think we’re, I’m not over indexing on that, but it is an effect that we think was there, was observable.

Yaron Werber, Moderator, TD Cowen: And as you think about with the third line label, how did the commercial emphasis

Chip Bird, CEO, Two Seventy Bio: sort of shift? Well, I I mean, the commercial emphasis continues to be on on describing the broader data set broader broader data set in terms of, the safety and the efficacy of the product, the efficacy we demonstrated in in the Karma three study. That was the first, phase three, controlled study, you know, against standard of care. And so, you know, a stat sig’s safety efficacy benefit there. So really arming the the field for us to describe those data to be able, to effectively interact with the HCPs that they that they call upon.

We’ve also focused, on expanding the number of sites, the site footprint. So today, we’re, more than 140 sites in The US. I think we’re getting to that that point of kind of diminishing returns. Of course, we’re at the major centers, the centers you would have heard of, but I think I have a secondary and tertiary level that does help with patient access and incrementally helps in terms of, in terms of the top line.

Yaron Werber, Moderator, TD Cowen: Yeah.

Chip Bird, CEO, Two Seventy Bio: So the last year was launched here. This year, I think we’re gonna be, you know, targeted and focused, and I think we’ve done a lot of work to segment the sites. You know, and broadly, there are sites that are, you know, been kind of tried and true prescribers. There’s there’s folks I would clarify categorize more as fence sitters, and then, there are sites that have been loyalists for the other product. And so I think each of those, you know, we show up in a different way with different messaging and, you know, different allocation of resource.

Yaron Werber, Moderator, TD Cowen: Yeah. You you’re talking about a measured pace and a site specific or, you know, connotations or or factors. So you just mentioned some of them, just kind of they’re adopters, they’re fence sitters, they’re loyalists to another product. What is that sort of what you meant by the site specific dynamics or is it also their own capacity internally and how they process things or Both.

Chip Bird, CEO, Two Seventy Bio: I mean so. Yeah. I mean, I think from a demand perspective and a utilization perspective, that that’s definitely true. You can you can look at across the business and across these sites and and and they kind of segment. And and again, that can change over time, you know, particularly when a site who’s who’s never had a neurotox issue has one and experiences that, that can move them from one category to another.

They they they may not have written in a Bechma script for a long time or, you know, and all of a sudden, if they have one of those events, which can be, you know, it’s that’s not a good outcome. And and so that can drive them back towards utilization of the back bus. So that’s and we have seen that effect. But the other thing you hit on is an important topic, which is just the the capacity. And I think what’s interesting about that dynamic is it’s not just us versus our competitor for a given site and pick a major center.

They their CAR T capacity, yes, is in the myeloma and the BCMA directed field, but it’s also thinking about CD19s. It’s also thinking about solid tumors now have commercially approved products. It’s also thinking about clinical trials. All of those become, important institutional priorities. They’re gonna do all of that.

And so our BCMA CAR T fits into that larger field. And those sites are growing. They’re growing the number of cars that they that they’re deploying, but it’s not exponential. You know, it’s more that’s more linear, and I say that’s that’s where I continue to think that the growth that we will see over time will be linear versus exponential. We you know, when we were on this panel two or three years ago, the whole conversation was the number of slots per week, and how do you do the ramp, and when will that be?

And I think, you know, looking forward, it’ll be more driven by we’ve gotten there as a company and as a class, and now it’s going to be how do you help those centers, drive their capacity over time.

Yaron Werber, Moderator, TD Cowen: And and the capacity, gateways or, you know, inpatient beds, is it,

Chip Bird, CEO, Two Seventy Bio: You know, that’s it it can be, though you’ve hit on two big ones, but, and and collection. And, you know, we even had people talking about, could you do base somewhere else? Do you have to be in that center to do it? You know, it turns out even the eighth process, which is a phlebotomist, it seems like pretty straightforward. The the protocol with which you do that in this highly regulated process and this manufacturing process and the fidelity that you need to have to that kind of leads you back towards a center of excellence that kind of has that infrastructure around it.

But we’re thinking creatively about how to do that. And, you know, anytime and this is kind of operations management. Anytime you you you, you know, get rid of one bottleneck, then you move down the line towards the next one. So, but, yes, apes, beds, you know, staff, These are all, you know, some of the things that, are are the constraints on capacity today.

Yaron Werber, Moderator, TD Cowen: And and when you’re looking at the the 140 sites, I imagine 25%, twenty % of them are the real users probably. Right?

Chip Bird, CEO, Two Seventy Bio: I would say 50, again, not a hard number here, but Tilde 50 is like the where the majority of the business happens or more than half of our business happens, those major centers centers that are

Chip Bird, CEO, Two Seventy Bio: That’s exactly out

Yaron Werber, Moderator, TD Cowen: of the 140.

Chip Bird, CEO, Two Seventy Bio: Yes. And there, we’re present there, the competition is present there, the CD19s are present there. They’re kind of fully

Yaron Werber, Moderator, TD Cowen: How much is the community adopting Cartino?

Chip Bird, CEO, Two Seventy Bio: You know, we’ve we’ve started to see that. I think that is that that can be a release valve over time. I think that’s gonna depend on physician’s own comfort there. It’s gonna depend on you know, there’s there’s aspects to reimbursement. There’s acts aspects of, you know, when does a patient experience, if they experience CRS, when do they experience it, and, how that patient flow goes.

And, you know, that’s not without risk, because if that comes on, those patients need to be managed. Good news is relative to seven or eight years ago, I think we’re we’re much better at doing that. But, you know, they need to be nearby, and they need to be more in a hospital setting if they’re having a more severe CRS event.

Yaron Werber, Moderator, TD Cowen: Yeah. The I mean, it sounds like there’s soon there’s going to be some networks that are going to open up in the community setting. Is that something that you’re Bristol and you are targeting at this point, kind of helping centers open? How does that process work?

Chip Bird, CEO, Two Seventy Bio: Yeah. You know, I I think we’ve, to date, have been focused on more traditional clinics. But, yes, I think the community setting is one that, is another frontier here. And, as I just said, I think could open more capacity out in the system. And again, I don’t know if I said at the top, but I

Chip Bird, CEO, Two Seventy Bio: you know, if you look at the end of

Chip Bird, CEO, Two Seventy Bio: the year, for the fourth quarter, if you take our fourth quarter sales and you take the competition’s fourth quarter sales and you annualize those sales, we’re at roughly 20% penetration in the third line setting. So I think our view is there’s a lot of room to go, in terms of, getting more patients. There’s certainly from a patient awareness, patient demand, we we feel a strong pull. These patients, a surprising number of these patients are familiar with the brand names and and are educated coming in. The one and done nature of the therapy, I think also is a draw.

And so we have patients asking for CAR T. So we believe from a demand perspective, there’s a lot of room to run. I think the question we get all the time, you’re you’re embedded in what we’re talking about. You’re asking is, like, what’s how quickly can we get there? How could can we satiate that?

And again, it’s much less about our manufacturing capacity, much more about how do we deliver in these in these treatment centers. Yeah.

Yaron Werber, Moderator, TD Cowen: And Jana?

Jane Hun, Analyst, TD Cowen: Yeah. Just to follow-up a little bit, you mentioned that obviously there are some dynamics with centers performing one product over the other, but kind of at the doctor patient level, are there any patient subsets that kind of preferentially get a back mode just for safety signal or manufacturability?

Chip Bird, CEO, Two Seventy Bio: Yeah. You know, we’ve

Chip Bird, CEO, Two Seventy Bio: certainly get that question a lot, too. And, you know, I don’t certainly commercially, we don’t niche it. We don’t say, well, it’s only for this kind of patient or it’s only for older patient or something like that. I think our view and for the centers that we’ve had good business, repeat business, consistent business, I think the view is that with effective bridging, we can make a backlog look very close to the competitive alternative in terms of medium PFS, other measures of efficacy. The alternative is harder to do, which is can you make the competitor product as safe from a delayed neurotoxin Parkinsonism liability perspective?

And, you know, while there’s certainly a lot of study on that, we don’t know why they’re different mechanistically. The data have been pretty clear that there are important differences there, but we don’t know why mechanistically. We don’t know yet how to predict which patients might be more highly susceptible, to those, and and we don’t know how to reverse it, you know? So I mean, those those are, serious liabilities. I think they become more, our belief is those become even more important as you talk about even earlier line studies, and thinking about the front line.

Because, you know, today our view is between transplant and quad therapy, the options available to patients that are newly diagnosed are pretty powerful, pretty compelling. And that benefit risk and, you know, taking that risk on a neurotoxin that are trading in your myeloma for something that that’s that’s hard to do, if I might say.

Jane Hun, Analyst, TD Cowen: Right. So this

Chip Bird, CEO, Two Seventy Bio: is our view.

Jane Hun, Analyst, TD Cowen: Yeah. So basically, you’re saying that you think that maybe second and third line is realistically where countries are going to land.

Chip Bird, CEO, Two Seventy Bio: That’s that’s what we’ve. Yeah, that’s the sweet spot from our view. And that was a lot of the calculus behind our decision, That and cost and being kind of fiscally minded, fiscally disciplined was the rationale behind the decision to stop Karma nine.

Jane Hun, Analyst, TD Cowen: Right. Right.

Chip Bird, CEO, Two Seventy Bio: We had a high degree of confidence that that study would work based on what we’d seen in Karma to see. And so that was a really tough call because he’d love to get there. But it was going to be, I think we disclosed it, 80 to 100,000,000 of savings just on our side. So it speaks to the capital requirements to study these in a large 600 patient study. And again, the trade offs and the options available when we designed a study like that in 2020, ’20 ’20 ’1, it’s very different than what’s available today.

So we think patients are well served in the front line setting. We think CAR T has

Chip Bird, CEO, Two Seventy Bio: a really important role to play in the third line setting. And that’s a market. As I’ve said, we’re still in the early innings of

Chip Bird, CEO, Two Seventy Bio: getting to an all at roughly 20% served.

Jane Hun, Analyst, TD Cowen: Right. Right. And then do you have any sense of kind of I know the third line launch is still ongoing, but what percent of patients are kind of in the third line versus fourth line versus fifth line for a Beckman usage?

Chip Bird, CEO, Two Seventy Bio: Yeah. We don’t collect I mean,

Chip Bird, CEO, Two Seventy Bio: I think it skews towards the earlier, but we don’t for

Vicki Eatwell, CFO, Two Seventy Bio: for

Chip Bird, CEO, Two Seventy Bio: patient privacy and HIPAA related concerns. We don’t explicitly collect that information at the time of treatment. We do some studies, kind of market research more retrospectively, and and kind of follow-up with centers. But when we a patient and manufacture for a patient, we actually are blinded to are they third, fourth, fifth? What line they are?

Jane Hun, Analyst, TD Cowen: Right. Okay. And then you mentioned that obviously bridging therapy is going to be very important. If you’re effectively bridged, you can reach kind of similar efficacy to competitive products. How is that factoring into your education efforts to physicians?

Chip Bird, CEO, Two Seventy Bio: Yeah, I mean, I think that’s a key point. And again, we need to stay within what’s published and what’s out there. I do think that the real world evidence studies that have been conducted by consortiums and other treating physicians have really helped underscore that. And those are presented at medical meetings. I think that, IMS twenty twenty three, you know, showed that with effective bridging, and sort of Karma three, like your triple class exposed patient population, you saw a median PFS of like 20.7, which is very close to what we’re seeing in CARTIG two four.

So again, it always caveat super hard to compare directly against the trials, but certainly with triple class exposed and effective bridging, you could see much greater and just a deep, more durable response.

Jane Hun, Analyst, TD Cowen: All right. And then you’ve mentioned that you are kind of basically already there in terms of capacity. But what does that actually mean in terms of kind of slots?

Chip Bird, CEO, Two Seventy Bio: If you we haven’t sort of said out loud how many patients a month or patients per year. But, you know, I would say if you want a slot today, we’re able to, you know, very quickly make a slot for that patient manufacturer. So no constraints, no cue, which is something that we’re, you know, even as recently as 2023, we’re living with of, value on a slot. We can we can treat that patient in two, three months’ time. And no cue today, and that’s a great place to be.

Jane Hun, Analyst, TD Cowen: Right.

Chip Bird, CEO, Two Seventy Bio: And I think we have the ability to step it up to, you know, if as the market continues to expand and we have continued growth in our business. We were well positioned to continue to meet that.

Jane Hun, Analyst, TD Cowen: Great. So even as you kind of increase penetration in third line, it’s kind of very large patient subset at 16 in The US. You’re still kind of at capacity to meet that with no wait time.

Chip Bird, CEO, Two Seventy Bio: That’s right.

Jane Hun, Analyst, TD Cowen: Wow. Okay.

Vicki Eatwell, CFO, Two Seventy Bio: Yep. With the ability, as Chip said, to increase capacity further within the existing walls of the current manufacturing facility.

Jane Hun, Analyst, TD Cowen: Right. And so everything is based on the hospital side now with the apheresis and the bed space, as you said.

Chip Bird, CEO, Two Seventy Bio: Yeah. I think that’s I think that’s right.

Chip Bird, CEO, Two Seventy Bio: I think that’s where we see it. And again, it’s it’s different from one clinic that has symptoms exactly what the what what they’re solving for. But, you know, we want to we’re there with them. And, and again, I think they will continue to grow over time.

Jane Hun, Analyst, TD Cowen: Right. And I know that you’re not really working on obviously moving a back my earlier line because obviously third line is a very nice setting. It’s where you think the Cartese will land. But are you generating any other kind of supplementary data sets to show efficacy or safety? Or is everything now more reliant on kind of real world data?

Chip Bird, CEO, Two Seventy Bio: I use primarily on real world data. We we you know, we these studies all have long, follow-up years and tails. And so, you know, there may be incremental publications that come out of that. But I think more of the, evidence generation is focused on real world, you know, and, you know, IITs and other non, I would say, registrational directed studies. So and I think that longer term experience with the product is important.

We think the real world evidence is a key element. And again, I think the consortiums that have been thoughtful and have done a really nice job of compiling data across products and helping make more like for like comparisons. I mean, every CMO and MD I’ve worked with, it’s verboten to make cross trial comparisons. But I think some of these consortiums and real world evidence efforts get closer to kind of understanding what the truth may be in terms of how these different products line up.

Yaron Werber, Moderator, TD Cowen: Any questions from the audience? Maybe I’ll throw in a quick question on would you notice that you’re dangerously close, you’re on the verge of profitability. Would you

Jane Hun, Analyst, TD Cowen: give guidance this year on the Beckham sales?

Chip Bird, CEO, Two Seventy Bio: Not yet. I think, we’d like to see another quarter or two, you know, because the third quarter was strong. The fourth quarter, we we moved back, we think, to some seasonality, but we’d like to get our feet under us for the next couple of quarters to kind of project that line. And, you know, I think in this environment, unfortunately, even if we came out and said guidance, I don’t think we get a lot of upside credit for it as most exposure and, you know, it’s still show me the results. And so we’re gonna focus on what we can control and and focus on execution.

Yaron Werber, Moderator, TD Cowen: And as you think about what are the drivers of cash flow positivity this year? I think you’re talking about Yeah.

Vicki Eatwell, CFO, Two Seventy Bio: And minus perspective? Yeah.

Jane Hun, Analyst, TD Cowen: I guess

Vicki Eatwell, CFO, Two Seventy Bio: I would just say we’ve I would reiterate our prior guidance on this. We’ve guided that $300,000,000 in total U. S. Sales results in $270,000,000 breakeven as a whole company. So it doesn’t take that much for us to reach breakeven.

And as we’ve previously guided, we expect to be able to achieve that before the end of twenty twenty five.

Yaron Werber, Moderator, TD Cowen: And so with Bristol, it sounds like you’re even as a JV or operating toward a profitability goal.

Chip Bird, CEO, Two Seventy Bio: Yeah. I think, you know, the, I think the product already has had profitable quarters and, you

Chip Bird, CEO, Two Seventy Bio: know, operating profit, commercial profit.

Chip Bird, CEO, Two Seventy Bio: Obviously, ultimately, to get to a February break even, you know, we have our own cost structure that has, as Vicky said, has been really streamlined and went down, greatly from even where we were a year ago. But I think with Bristol, I think, you know, we have a shared priority of, yes, like, how do we maintain and grow the class and grow our share? But how do we do that, also from a margin perspective? How do we continue to optimize the margin? And that’s, you know, cost of goods.

That’s the focused commercial investment. That’s looking at overhead. That’s looking at all the levers, you know, and that’s, listen to their earnings call.

Chip Bird, CEO, Two Seventy Bio: You know, they’re they’re focused on

Chip Bird, CEO, Two Seventy Bio: the bottom line as well. They’re focused on cost containment and, you know, at a macro level. So that’s, important there, too.

Jane Hun, Analyst, TD Cowen: And how how how many employees are

Yaron Werber, Moderator, TD Cowen: currently at two seventy?

Vicki Eatwell, CFO, Two Seventy Bio: We have about 64 employees today.

Yaron Werber, Moderator, TD Cowen: Okay. Pretty precise.

Chip Bird, CEO, Two Seventy Bio: But most of whom are deployed on, the quality testing and and

Jane Hun, Analyst, TD Cowen: back my support. Yeah. And as you as you think,

Yaron Werber, Moderator, TD Cowen: you know, both of you know, kind of strategically, so you’ll be breakeven and, you know, the goal will be continue to grow at back my Mhmm. What’s the future for two seventy? You know, twelve months, twenty four months from now.

Chip Bird, CEO, Two Seventy Bio: I’m glad you asked it. You know, I think a year ago, our focus was to go all in on ABECMA. And so we sold our R and D business to Regeneron. We sold our gene editing product and and and program to technology to, to Novo and, you know, massively streamline the cost structure. And we you know, a year ago, we said we could potentially break even in ’25.

The next question is, well, like, what are you gonna do when you get there? And our answer at the time, the glib was, well, you ask us when we get there. Well, so now we’re we’re there. And I think we’ve we’ve shown it. You know, the the team’s done an amazing job of getting through that work.

And I think it creates our goal is it creates strategic optionality for us. I think this is a, attractive business. I think with another couple of quarters of predictable business, make a profitable business, that becomes attractive to larger companies. I also would say that within the field of cell therapy, you know, investors and a lot of farmers have focused in other areas and that, you know, you can look at the valuations of our peer set. That’s their own valuation.

It’s, that can be disconcerting, but also in there lies opportunity. And so with a strong cash balance over $180,000,000 of cash at the end of the year, you know, very modest rate in the fourth quarter, we burned 9,000,000. So again, that quarterly burn continues to get smaller and smaller. We’re on a glide slope towards cash flow breakeven. So we’ve got, I think we do have real strategic optionality.

And we’re hoping for a transformational year here.

Yaron Werber, Moderator, TD Cowen: Any final question, Gina?

Jane Hun, Analyst, TD Cowen: Not that you got them. Okay.

Yaron Werber, Moderator, TD Cowen: And you’re reporting Q1 Before

Chip Bird, CEO, Two Seventy Bio: the ’seventeen, ’nineteen?

Vicki Eatwell, CFO, Two Seventy Bio: We’re reporting 2024 results before March. Yes. Okay. We’ve you’ve been done.

Yaron Werber, Moderator, TD Cowen: We’ve already reported. We sort

Chip Bird, CEO, Two Seventy Bio: of we put out the key results on February 6 in conjunction with BMS’s quarterly earnings. We’ll add incremental color and file our 10 ks between now and

Chip Bird, CEO, Two Seventy Bio: St. Patrick’s Day.

Yaron Werber, Moderator, TD Cowen: Right. Well, terrific Chip and Vicky, thanks for joining us. We appreciate it.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.